Newport Beach Attracts Vegas Rich

A small population of wealthy Las Vegas investors - including casino owners, former politicians, and real estate developers-has discovered the quiet appeal of Orange County real estate, particularly in the cities of Newport Beach and Laguna Beach.

These people come to Newport Beach in search of the quiet, laid-back lifestyle they cannot find in Vegas, according to Garth Blumenthal, a Newport Beach resident currently managing car dealership Fletcher Jones Motorcars. The “Vegas rich” treat their multimillion-dollar Newport Beach Homes as vacation properties, allowing them to keep the tax benefits from their native Nevada.

The appeal of the ocean also helps attract these investors, says Laguna Beach publisher Michael Webster. Laguna Beach, he added, gives homeowners a kind of prestige unique to Orange County real estate.

In true Vegas Fashion, most of these homeowners made their fortunes in the casino business. Some of the more prominent are Bruce Becker of Becker Gaming Inc.; Jerry Herbst, owner of the Terrible Herbst chain of casinos, convenience stores and gas stations; and Jan Jones, a former Las Vegas mayor who's now a casino executive.

A few also come from the Las Vegas real estate industry, specifically from the real estate boom of the 2000's. Notable investors include Centra Properties cofounder Kenneth Sullivan and Astoria Homes developer Joel Laub.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed